Confluent (NASDAQ:CFLT – Get Free Report) was upgraded by stock analysts at Guggenheim from a “neutral” rating to a “buy” rating in a research note issued to investors on Friday, MarketBeat Ratings reports. The brokerage currently has a $23.00 target price on the stock. Guggenheim’s price objective points to a potential upside of 29.58% from the stock’s current price.
A number of other analysts have also issued reports on CFLT. Bank of America lowered Confluent from a “neutral” rating to an “underperform” rating and lowered their price target for the company from $38.00 to $24.00 in a report on Thursday. Barclays lowered their price target on Confluent from $42.00 to $39.00 and set an “overweight” rating for the company in a report on Thursday, October 12th. Morgan Stanley boosted their price target on Confluent from $30.00 to $40.00 and gave the company an “overweight” rating in a report on Thursday, August 3rd. Canaccord Genuity Group began coverage on Confluent in a report on Friday, September 1st. They issued a “buy” rating and a $40.00 price target for the company. Finally, Canaccord Genuity Group downgraded shares of Confluent from a “buy” rating to a “hold” rating and set a $26.00 price objective for the company. in a research note on Thursday. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and sixteen have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $30.12.
Read Our Latest Research Report on CFLT
Confluent Stock Up 9.0 %
Confluent (NASDAQ:CFLT – Get Free Report) last announced its quarterly earnings results on Wednesday, August 2nd. The company reported ($0.32) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.33) by $0.01. The firm had revenue of $189.29 million during the quarter, compared to analyst estimates of $182.18 million. Confluent had a negative return on equity of 51.32% and a negative net margin of 62.06%. On average, equities analysts predict that Confluent will post -1.09 EPS for the current year.
Insider Buying and Selling
In related news, CTO Chad Verbowski sold 8,519 shares of the firm’s stock in a transaction on Thursday, September 21st. The stock was sold at an average price of $29.80, for a total value of $253,866.20. Following the completion of the transaction, the chief technology officer now owns 426,803 shares in the company, valued at approximately $12,718,729.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CTO Chad Verbowski sold 8,519 shares of the firm’s stock in a transaction on Thursday, September 21st. The stock was sold at an average price of $29.80, for a total value of $253,866.20. Following the completion of the transaction, the chief technology officer now owns 426,803 shares in the company, valued at approximately $12,718,729.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Rohan Sivaram sold 860 shares of the firm’s stock in a transaction on Thursday, September 21st. The stock was sold at an average price of $29.80, for a total value of $25,628.00. Following the completion of the transaction, the chief financial officer now owns 332,648 shares of the company’s stock, valued at approximately $9,912,910.40. The disclosure for this sale can be found here. Insiders sold 511,027 shares of company stock worth $16,989,244 in the last 90 days. Insiders own 22.08% of the company’s stock.
Hedge Funds Weigh In On Confluent
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Cambridge Investment Research Advisors Inc. acquired a new stake in Confluent during the 2nd quarter worth about $2,266,000. US Bancorp DE grew its position in Confluent by 27.2% during the 1st quarter. US Bancorp DE now owns 2,560 shares of the company’s stock worth $62,000 after purchasing an additional 547 shares during the period. Edmond DE Rothschild Holding S.A. grew its position in Confluent by 128.6% during the 1st quarter. Edmond DE Rothschild Holding S.A. now owns 4,000 shares of the company’s stock worth $96,000 after purchasing an additional 2,250 shares during the period. Pacer Advisors Inc. grew its position in Confluent by 2,001.8% during the 2nd quarter. Pacer Advisors Inc. now owns 2,375 shares of the company’s stock worth $84,000 after purchasing an additional 2,262 shares during the period. Finally, SG Americas Securities LLC acquired a new stake in Confluent during the 2nd quarter worth about $583,000. Hedge funds and other institutional investors own 59.30% of the company’s stock.
About Confluent
Confluent, Inc operates a data streaming platform in the United States and internationally. The company offers Confluent Cloud, a managed cloud-native service for connecting and processing real-time data; and Confluent Platform, an enterprise-grade self-managed software that connects and processes data.
Featured Stories
- Five stocks we like better than Confluent
- The 3 Best Blue-Chip Stocks to Buy Now
- MarketBeat Week in Review – 10/30 – 11/3
- Dividend Screener: How to Evaluate Dividend Stocks Before Buying
- Shocking uranium play that hedge funds kept hidden
- The Significance of a Trillion-Dollar Market Cap Goes Beyond a Number
- Dependable dividends: Why utility stocks are on fire
Receive News & Ratings for Confluent Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Confluent and related companies with MarketBeat.com's FREE daily email newsletter.
